The guaranteed incomes of the top 0.1 percent

notwork11

Hat tip to occasional links and commentary.

Radicals propose a universal guaranteed income for all, regardless of whether you are gainfully employed or not.   But as Matt Breunig pointed out, it already exists in the top 1 percent and 0.1 percent income bracket.   They receive income from their financial assets regardless of whether they work or not.

There is a strong argument for a guaranteed.  It is that the reason that the national wealth today is greater than in the past is largely due to the inventiveness and effort of our ancestors, not to anyone living today, and that therefore all of us are equally entitled to the fruits of their effort.

This was the philosophy of the social credit reform movement, which provided the background for Robert A. Heinlein’s great utopian science fiction novel, Beyond This Horizon.

I myself prefer job guarantees to income guarantees, partly because there is so much necessary work that is not being done, but I think a universal basic income would be better than what we have now.

LINK

The UBI already exists for the top 1 percent by Matt Breunig for Medium.

 

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2 Responses to “The guaranteed incomes of the top 0.1 percent”

  1. paintedjaguar Says:

    Why the dichotomous thinking? There’s no reason to pit job guarantees and basic income against one another — we need both.

    Like

  2. J Says:

    Greetings Phil,

    I always look forward to reading your blog posts each day. especially your carefully selected links at the end of your posts. It was interesting to read through some of the defensive responses to Matt Breunig’s blog post, which can be summed up to, “I worked very hard to obtain rents”, therefore its not fair to single out the 1% for accumulating a massive amount of this sort of income. The obvious (to some people) fallacy of composition.

    Like

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